CenterPoint REIT Disposes of $54 Mil in Properties and Land

CHICAGO-CenterPoint Properties Trust, Chicago’s largest industrial developer, has sold its 1500 West Dundee, Arlington Heights, IL high-tech office conversion development, the company says. The property, which was redeveloped into high-tech office space from its former role as a manufacturing facility, was part of a recent series of dispositions totaling $54 million.

The West Dundee redevelopment, which sits on 60 acres and houses companies like Motorola and Airborne Freight, was a typical CenterPoint redevelopment play, according to the firm’s chief investment officer Paul Ahern. “Once the value has been added and the property stabilized, we redeploy the capital created into a new set of opportunities.”

CenterPoint is currently involved in two massive industrial projects in the Chicago area, the $1-billion redevelopment of the Joliet Arsenal and, in conjunction with Ford Land, the development of the a supplier park for Ford’s Torrance Avenue plant.